Sec. 5.
(1) Beginning on January 1, 1995, except as otherwise provided in this section, the tax imposed under sections 3 and 4 is levied at the rate of $3.75 for each $500.00 or fraction of $500.00 of the total value of the property being transferred.
(2) A written instrument subject to the tax imposed by this act shall state on its face the total value of the real property being transferred unless an affidavit is attached to the written instrument declaring the total value of the real property being transferred. The form of the affidavit shall be prescribed by the department of treasury. If the sale or transfer is of a combination of real and personal property, the tax shall be imposed only upon the transfer of the real property if the values of the real and personal property are stated separately on the face of the written instrument or if an affidavit is attached to the written instrument setting forth the respective values of the real and personal property.
History: 1993, Act 330, Eff. Apr. 1, 1994 ;-- Am. 1994, Act 3, Eff. Mar. 30, 1994 ;-- Am. 1994, Act 224, Eff. July 5, 1994
Structure Michigan Compiled Laws
Act 330 of 1993 - State Real Estate Transfer Tax Act (207.521 - 207.537)
Section 207.521 - Short Title.
Section 207.522 - Definitions.
Section 207.523 - Written Instruments Subject to Tax; Person Liable for Tax; Payment Date; Refund.
Section 207.524 - Written Instruments Executed Outside of State.
Section 207.526 - Written Instruments and Transfers of Property Exempt From Tax.
Section 207.527 - Bankruptcy or Insolvency Proceeding; Exemption From Tax.
Section 207.528 - Stamp as Evidence of Tax Payment; Other Methods of Cancellation.
Section 207.530 - Disposition of Tax.
Section 207.531 - Crediting Tax Proceeds.
Section 207.532 - Payment of Tax; Written Instruments Not Subject to Tax.
Section 207.534 - Prohibited Conduct; Violation as Misdemeanor.
Section 207.535 - Tax in Addition to and Collected With Tax Imposed Under MCL 207.501 to 207.513.